324 Park Ave: Store + Apts in Downtown Baltimore

Totally renovated and fully leased turn-key cash flow positive mixed-use commercial property in downtown Baltimore.

Property Details

First floor commercial clothing store has been in this location since 2007. Currently on a month-to-month lease gives you the option to continue with this tenant or take over the space for your own business. This store has taken over the basement space, which is fully built-out and improved. The basement could be used as a separate office or continue to include it with the first floor space.

Second floor has 2 bedrooms plus a home-office/3rd bedroom, 2 full bathrooms, and a kitchen with vinyl tile floor, wood cabinets, laminate counter, 30″ stainless steel electric range and refrigerator. Third floor is a two-bedroom, two-bath apartment with hardwood floors in the living areas, ceramic tile bathroom floor. The third floor kitchen has wood cabinets, laminate counters, 30″ electric range, dishwasher, built-in microwave, and refrigerator with ice maker.

Who Pays Which Utilities

The landlord pays for water. Each tenant pays their own gas and electric for their heat, air conditioning, hot water, and electric service. The city picks up the trash, which is included in the property taxes.

About the Location…

Centrally located in Downtown Baltimore City with much activity and development close by. The main branch of the Enoch Pratt Free Library is around the corner. The Archdiocese of Baltimore main offices are around the corner as is the Historic Basilica of the Assumption Church, the first Catholic Cathedral built in the United States. The Baltimore Light Rail and Metro Subway stations are both within 2 blocks. The 300 block of Park Avenue is known as Little China Town, with a number of Chinese restaurants. Three major apartment buildings, Mulberry at Park Apartments at 211 W. Mulberry Street, 500 Park Ave and 520 Park Ave, are located within 1 block.

Investment Summary:

$575,000 Investment
$191,667 per unit
$ 163 per square foot
9.5 Times Gross Annual Rent (GRM)
7.8 Cap Rate
6% Return on Investment in year-one

Call Ben Frederick 410-752-6400 or Will Cannon at 410-961-3331 to schedule your tour.